Market Overview Week 49 - 2020

Recap of week 13: Markets continued its rally for the week and off nice from the Fed bottom. For the week SPX: +1.79% COMP: +1.98% Dow: +.31% IWM: -.55% SPX Monthly : Price closed above 5ma. Price recaptured half of the move down from January and February. Price is at a critical juncture with the given macro back drop.  A break above February highs could see price retest the upper channel. SPX Weekly:  Price rallied for 2nd week and closed above all moving averages.  Right at resistance level. A break above 4560 could see price retest old highs.     SPX Daily:  Continued momentum to upside with price closing above 5ma. Resistance zone between 4550 and 4580 area. Price could see a reversal down to form a higher low. COMPX Monthly: Nice reversal underway for month of March recovering almost all of Feb sell off. 5 and 8ma could form a temporary resistance.Price has to clearly break above 15000 to take out new highs. COMP Weekly : Nice continuation from last we...

Last week overview - Selling pressure continued across the board with geo-political tensions and fed overhang. Commodities soared and risk off was the continuation theme. All sectors were negative with Consumer Cyclical and Technology taking the biggest brunt of selling. Nasdaq is nearing its bear market correction of 20% again. Nasdaq looks like it could break Fed 24th lows. SPX                 -2.88% Comp              - 3.53% DOW           - 1.99% Russ             -.97% YTD SPX                -13.71% Comp            -19.89% Dow                -11.76% Russ               -14.82% Sector Performance Energy                 ...